A REVOCABLE LIVING TRUST

A “Trust” is a Legal entity (like a corporation) which exists only on paper, but can legally own Property.  A Trust is created by simply signing a document called a Trust Agreement, and then transferring your Property to the Trust as the technical owner of Title.  The Trust document allows you to give specific instructions regarding how your Property is to be used.

The kind of Trust offered in our Complete Estate Plan is a “Revocable Living Trust.”  The main reason to use a Revocable Living Trust is to save your Family time and money by avoiding Probate. The Living Trust performs the same basic function as a Will, without Probate.

The word “Revocable” means you may change the terms of your Trust at any time. The term “Living” refers to creation of a Trust while you are alive (some Trusts are created at death).

When you create a Revocable Living Trust, you appoint yourself  Trustee, with full authority to manage the Trust Property.  After your passing, the person you named in your Trust document to be “Successor Trustee” will take over and distribute the Trust Property according to your directions in the Trust document.  In this way, the Trust performs the same function as a Will, without the delay and expense of Probate.  In most cases, the whole process can be handled in a couple of weeks, whereas the Probate process may take years.

Call Attorney Bernard Corbe at 533-0360